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Trusts
A trust is a formal transfer of assets (it might be property, shares or money) to a small group of people. Alternitavely, a trust can be transferred to a trust company with instructions that they hold assets for the benefits of others.
If the trust is to be made in your lifetime, to take immediate effect, then it is usually evidenced by a trust deed. If it is to be created on or shortly after your death then the trust rules must be set out in your will…
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Power of Attorney
A Power of Attorney is a legal document whereby a person gives another person or persons the power to take decisions with regard to their financial affairs and/or their health and personal welfare.
There are significant differences between powers of attorney in England (and Wales) and Scotland, including different terminology. In England the person giving another person the power to act on their behalf is called the "Donor"; in Scotland he/she is called the "Granter". The person or persons to whom the powers are granted…
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Bankruptcy or IVA?
It's important to consider all of the implications when you are deciding whether or not bankruptcy makes sense. Because the Individual Voluntary Arrangement (IVA) was introduced by the government specifically as an alternative to bankruptcy.
For this reason it can be the best choice, assuming that you meet some conditions and an arrangement is possible…
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Wills
Preparation of a legal Will is important to ensure that your assets are distributed in the manner you wish after your death and so you can make financial arrangements for your close relatives.
If you don't make a Will, the law decides what happens to your estate and it may not be what you would have wanted. Wills can be quite complex, especially if you have complicated financial or family situations. However…
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Trust Deeds
This reduces your own wealth and thus your exposure to inheritance tax - or maybe even wealth tax should that become a reality. By creating a discretionary trust in your will for the benefit of your spouse and children, you can take advantage of the nil rate band of inheritance tax, consequently making considerable savings against tax…
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